June 23, 2021 / Source: FDIC

Financial Institution Letter

Bank Secrecy Act/Anti-Money Laundering Examination Manual Update

June 23, 2021  |  FIL-45-2021

Summary:

The Federal Financial Institutions Examination Council (FFIEC) is updating sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

Statement of Applicability: This Financial Institution Letter (FIL) applies to FDIC-supervised institutions.

Highlights:

• The FFIEC BSA/AML Examination Manual (“Manual”) provides instruction to examiners for assessing a bank’s BSA/AML compliance program and its compliance with BSA regulatory requirements.
• The Manual itself does not establish requirements for financial institutions; such requirements are found in statutes and regulations.
• Financial institutions should not interpret the updates as new instructions or an increased focus on certain areas; instead, the updates are intended to offer further transparency into the examination process and support risk-focused examination work.
• Updated Manual sections include: (1) Purchase and Sale of Monetary Instruments Recordkeeping; (2) Special Measures; (3) Reports of Foreign Financial Accounts; and (4) International Transportation of Currency or Monetary Instruments Reporting.
• New and revised Manual sections are identified by a 2021 date on the FFIEC BSA/AML InfoBase.
• Future updates to other Manual sections will be announced as they are completed.

Purchase and Sale of Monetary Instruments Recordkeeping
Special Measures
Reports of Foreign Financial Accounts
International Transportation of Currency or Monetary Instruments Reporting

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
BSA Compliance Officer

Related Topics:

Interagency Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision
FFIEC BSA/AML InfoBase